Key banc conference investor presentation

MOVING THE WORLD AT WORK
Oshkosh Corporation
(NYSE:OSK)
KeyBanc Capital Markets Industrial,
Automotive & Transportation Conference
May 28, 2015

Forward-Looking Statements
2May 28, 2015Oshkosh Corporation Investor Presentation
This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements
regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt
levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this
press release, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative
thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which
are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-
looking statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency
markets, which are particularly impacted by the strength of U.S. and European economies; the strength of the U.S. dollar and its impact on
Company exports, translation of foreign sales and purchased materials; the expected level and timing of DoD and international defense
customer procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S.
defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy, including the Company’s ability to
successfully manage the cost reductions required as a result of lower customer orders in the defense segment; the Company’s ability to win
a U.S. Joint Light Tactical Vehicle production contract award and international defense contract awards; the Company’s ability to increase
prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic
recovery; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that
anticipated cost savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges related to
many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market
expectations; projected adoption rates of work at height machinery in emerging markets; risks related to the collectability of receivables,
particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s
products; risks related to production or shipment delays arising from quality or production issues; risks associated with international
operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and
regulations applicable to U.S. government contractors; the impact of severe weather or natural disasters that may affect the Company, its
suppliers or its customers; cyber security risks and costs of defending against, mitigating and responding to a data security breach; and risks
related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional
information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission,
including the Form 8-K filed April 28, 2015. All forward-looking statements speak only as of April 28, 2015. The Company assumes no
obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company
may not update such information until the Company’s next quarterly earnings conference call, if at all.

Oshkosh Corporation
 Leading provider of specialty
vehicles
– Moving the World at Work
 Nearly 100 years in business;
incorporated in 1917
 Serial innovator of game changing
new products
 Market Capitalization(1): $4.2 billion
 FY14 Revenue: $6.8 billion
 Focused on delivering value to
customers and shareholders
3
(1) As of May 26, 2015
Access Equipment Defense Fire & Emergency Commercial
May 28, 2015Oshkosh Corporation Investor Presentation

Oshkosh Corporation Profile – FY14
Source: Oshkosh Corporation 2014 Annual Report
4Oshkosh Corporation Investor Presentation May 28, 2015
51%
25%
11%
13%
Revenue by Segment
Access Equipment Defense Fire & Emergency Commercial
77%
5%
10%
8%
Revenue by Geography
United States Other NA EAME Rest of World
 Non-Defense Segment Revenues and
Operating Income Both Grew in FY14
─ Expected to Repeat Again in FY15

 Confidence in FY15
– Targeting to nearly double EPS from FY12 to FY15
– Strong customer sentiment
 Positive Outlook Beyond FY15
– Additional market recovery opportunities in
non-defense segments
– Significant upside opportunities in defense
– MOVE to deliver margin expansion and growth
5
A Positive Outlook for OSK

Basis for Positive Outlook

FY15 MOVE Scorecard
FY15 Adjusted EPS Target Range
7
FY15 TargetInitiative
EPS ~ Double EPS by FY15 (1) EPS of $4.00 - $4.50
…Bottom Line Results for Shareholders
FY15 Estimate
$4.00 - $4.25*
(1) Compared with FY12 expectations as of September 2012 Analyst Day.
(2) Net of investment costs and compared with consolidated FY11 operating income margins.
* Non-GAAP results. See Appendix for reconciliation to GAAP results.

Solid Q2 FY15 Results
 Q2 adjusted EPS* of $0.81
- In line with expectations
- Significant defense sales decline
- Foreign exchange and weather
headwinds
- Double digit sales and operating
income growth in all non-defense
segments
 Positive rental company
sentiment
- Little oil & gas slowdown impact
 Refinanced $250 million senior
notes due 2020
 Reduced interest rate by > 300
bps
 Targeting FY15 adjusted EPS*
estimate range of $4.00 to $4.25
Net Sales
(billions)
Adjusted
EPS*
8
$1.6
$1.7
$0.81 $0.80
$0.00
$0.25
$0.50
$0.75
$1.00
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
FY15 FY14
Net Sales Adjusted EPS*
OSK Fiscal Q2 Performance

Access Equipment –
The Market Leader
 MOVE delivered in FY14
– Exciting new products
– Strong incremental margins
– Record revenues, operating
income and operating income
margin
 Expect continued growth in FY15
– Moderate growth in North America
and Europe
– Mixed outlook in other regions
 Strong new product launches
during the year
9
Reaching Out – Rising to Every Challenge

Slow U.S. Construction Recovery is Continuing
10
Source: U.S. Census Bureau, May 19, 2015 Source: U.S. Census Bureau, May 1, 2015
U.S. Housing Starts - Current Annual Forecasts (millions)
Date 2014 2015 2016
Global Insight Feb-15 1.00 1.18 1.33
Moody's - Slower Recovery Apr-15 1.00 1.20 1.58
Portland Cement Association Apr-15 1.00 1.18 1.34
Average Analyst Estimate 1.00 1.19 1.42
U.S. Nonresidential Construction (yr/yr Growth) - Current Analyst Estimates
Date 2014 2015 2016
Portland Cement Association Apr-15 8.2% 8.8% 8.3%
FMI Source Mar-15 6.0% 8.0% 7.0%
Global Insight Mar-15 2.8% 2.2% 3.6%
Moody's – Slower Recovery Apr-15 6.9% 7.7% 4.6%
Construction Market Data Mar-15 3.9% 8.2% 8.6%
McGraw-Hill Mar-15 13.5% 10.9% 13.0%
Average Analyst Estimate 6.9% 7.6% 7.5%
Thousands $ Millions
U.S. Non-Residential SpendingHousing Starts
450,000
500,000
550,000
600,000
650,000
Jan‐2010
Jul‐2010
Jan‐2011
Jul‐2011
Jan‐2012
Jul‐2012
Jan‐2013
Jul‐2013
Jan‐2014
Jul‐2014
Jan‐2015
400
500
600
700
800
900
1,000
1,100
1,200
Jan‐2010
Jul‐2010
Jan‐2011
Jul‐2011
Jan‐2012
Jul‐2012
Jan‐2013
Jul‐2013
Jan‐2014
Jul‐2014
Jan‐2015

Operating Income Margin Expansion
Remains a Priority
 Expect biggest impact from optimize cost and
value innovation initiatives still to come
11
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
FY14 FY15E Target
(OperatingIncomeMargin%)
16%
17%
~ 15%
14.3%
ACCESS EQUIPMENT

Defense –
Reduced Cost Structure with Upside Opportunities
 Believe FY15 will be trough year for
both revenues and operating income
 Submitted proposal for JLTV program
in February
– Expect decision on winning bidder
between July and September 2015
 Canada MSVS program award
decision expected by June 2015
 Continuing pursuit of sales of
thousands of M-ATVs
– International
– Reset opportunities in U.S.
 Generally favorable FY16 budget
funding requests for our programs
12
Mission Proven – World-Class Performance

Fire & Emergency –
Operational Improvements Leading to Bright Future
 Continuing to execute operational
efficiency roadmap
− More work to be done
 Positive response to recent new
product launches
– Enforcer and Saber chassis
– Revolutionary Ascendant™ two
axle aerial ladder vehicle
 Modest market growth expected
in North America in FY15
– Recently announced 3% price
increase
 Additional international success
− ARFF orders in Asia, Australia
and Latin America
13
Recently Launched New Products Driving Customer Interest

Remains a Priority
 Margin expansion behind schedule, but improvement
roadmap is solid
14
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
FY14 FY15E Target
10%+
~ 4.25%
3.5%
FIRE & EMERGENCY

Commercial –
Progress Continues
 Solid North American concrete mixer
market recovery over last several
years
− Driven by slowly improving
housing market
− Strong U.S. dollar creating some
drag for multinational concrete
mixer customers
 RCV market expected to grow in FY15
– Grew modestly in FY14
 Split-bin and automated RCV models
generating incremental demand
 MOVE investments continue
15
North American Market Leader Split Body Rear Loaders

Remains a Priority
 Optimize cost initiatives continue
 Absorption benefits accelerate in market recovery
16
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
FY14 FY15E Target
10%+
~ 6.5%6.2%
COMMERCIAL

Driving to FY15 MOVE Targets
and Beyond

What to Expect from Oshkosh in FY15?
 Deliver MOVE strategy
– FY15 adjusted EPS* estimate
range of $4.00 - $4.25
– Margin improvement in all non-
defense segments
– Launch game changing new
products
– Compete vigorously for business
around the world
 Target defense contract awards
 Maintain strong customer focus
 Increase industry leading quality
to higher level
 Drive shareholder value
18

Expectations for FY15*
Additional expectations
 Corporate expenses of $140 - $145 million
 Tax rate of ~32%
 CapEx of ~$150 million
 Free cash flow** ~$200 million
 Assumes share count of ~79.5 million
Segment information
 Revenues of $6.5 billion to $6.6 billion
 Adjusted operating income** of $510 million to $540 million
 Adjusted EPS** of $4.00 to $4.25
* As of April 28, 2015
** Non-GAAP results. See Appendix for reconciliation to GAAP results.
19
Q3 Commentary
 Expect seasonally highest EPS; above prior year
 Defense segment results similar to Q2
 Higher non-defense segment sales and operating
income compared to prior year Q3
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$3.7 - $3.8 ~$1.0 ~$0.80 ~$1.0
Operating
Income Margin
~15.0%
Slightly above
break even
~4.25% ~6.5%

And Beyond FY15?
Continued improvement
 Execute effectively to deliver
positive near-term outlook
 Continue operating income margin
expansion
– Target 16 – 17% at Access Equipment
– Initially target 10% at other segments
 Prudent capital allocation
– Target annual dividend increases
– Begin building cash; deploy with
crocodile patience
 Sustain talent and process
improvement to outperform with
Oshkosh Operating System
20
7.0% 7.5% ~ 8.0%
10.0%+
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2013 2014 2015E Target
OSK Consolidated Adjusted
Operating Income Margin *

For information
contact:
Patrick N. Davidson
Vice President, Investor Relations
(920) 966-5939
pdavidson@oshkoshcorp.com
21
Jeffrey D. Watt
Director, Investor Relations
(920) 233-9406
jwatt@oshkoshcorp.com
May 28, 2015Oshkosh Corporation Investor Presentation 21

22
Appendix: Commonly Used Acronyms
ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability Vehicle
AWP Aerial Work Platform MRAP Mine Resistant Ambush Protected
CapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)
CNG Compressed Natural Gas NOL Net Operating Loss
DGE Diesel Gallon Equivalent NPD New Product Development
DoD Department of Defense NRC National Rental Company
EAME Europe, Africa & Middle East OH Overhead
EMD Engineering & Manufacturing Development OI Operating Income
EPS Diluted Earnings Per Share OOS Oshkosh Operating System
FHTV Family of Heavy Tactical Vehicles OPEB Other Post-Employment Benefits
FMS Foreign Military Sales PLS Palletized Load System
FMTV Family of Medium Tactical Vehicles PUC Pierce Ultimate Configuration
GAAP U.S. Generally Accepted Accounting Principles R&D Research & Development
HEMTT Heavy Expanded Mobility Tactical Truck RCV Refuse Collection Vehicle
HET Heavy Equipment Transporter RFP Request for Proposal
HMMWV High Mobility Multi-Purpose Wheeled Vehicle ROW Rest of World
IRC Independent Rental Company SMP Standard Military Pattern (Canadian MSVS)
IT Information Technology TACOM Tank-automotive and Armaments Command
JLTV Joint Light Tactical Vehicle TDP Technical Data Package
JPO Joint Program Office TPV Tactical Protector Vehicle
JROC Joint Requirements Oversight Council TWV Tactical Wheeled Vehicle
JUONS Joint Urgent Operational Needs Statement UCA Undefinitized Contract Action
L-ATV Light Combat Tactical All-Terrain Vehicle UIK Underbody Improvement Kit (for M-ATV)
LVSR Logistic Vehicle System Replacement UK United Kingdom
M-ATV MRAP All-Terrain Vehicle ZR Zero Radius

Appendix:
Non-GAAP to GAAP Reconciliation
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures:
2015 2014
Adjusted earnings per share - diluted (non-GAAP) 0.81$ 0.80$
Reduction of valuation allowance on net operating
loss carryforward - 0.14
Pension and OPEB curtailment, net of tax - (0.03)
Debt extinguishment costs, net of tax (0.12) (0.08)
Earnings per share - diluted (GAAP) 0.69$ 0.83$
Three Months Ended
March 31,

Appendix:
comparable GAAP measures:
2013 2014 2015E
Consolidated operating income margins (non-GAAP) 7.0% 7.5% 8.0%
Union contract ratification costs -0.1% - -
Pension curtailment and settlement loss - -0.1% -
OPEB curtailment gain - 0.2% -
Tender offer and proxy contest costs -0.2% - -
Impairment charge -0.1% - -
Contract pricing adjustment for OPEB costs - -0.2% -
Consolidated operating income margins (GAAP) 6.6% 7.4% 8.0%
Fiscal Year Ended
September 30,

Appendix:
comparable GAAP measures (in millions, except per share amounts):
Low High
Adjusted operating income (non-GAAP) 510.0$ 540.0$
OPEB curtailment gain 3.4 3.4
Operating income (GAAP) 513.4$ 543.4$
Adjusted earnings per share - diluted (non-GAAP) 4.00$ 4.25$
OPEB curtailment gain, net of tax 0.03 0.03
Debt extinguishment costs, net of tax (0.12) (0.12)
Earnings per share - diluted (GAAP) 3.91$ 4.16$
Fiscal 2015
Expectations
Net cash flows provided by operating activities 359.0$
Additions to property, plant and equipment (150.0)
Net additions to equipment held for rental (9.0)
Free cash flow 200.0$
Fiscal 2015 Expectations

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